Bulgold loses $440,528 in 2025

• Event: Filing of Audited Annual Financial Statements and MD&A for Fiscal Year 2025 ended December 31, 2025.
• Financial Performance: Reported a net comprehensive loss of $440,528 ($0.01 per share), an improvement from the FY 2024 loss of $642,831.
• Cash Position: Cash and cash equivalents stood at $259,530 as of December 31, 2025.
• Share Structure: 49,132,335 shares outstanding; insiders hold approximately 28.3%.
• Context: This filing follows a non-brokered private placement announced March 19, 2026 (closing expected April 20, 2026) targeting up to $1.2 million at $0.05 per share.

• Financial Health: The reduction in annual loss from FY24 ($642k) to FY25 ($440k) indicates improved cost control, but the cash balance of ~$260k is critically low relative to operational needs and exploration budgets.
• Financing Dependency: The earnings release confirms the liquidity pressure that necessitated the March 2026 private placement. The stock price reaction has been muted, suggesting the market views this as a known risk given the prior financing announcement.
• Exploration Progress: While not detailed in this specific filing, the preceding February 2026 news regarding the Kopernica Vein System discovery provides fundamental support that justifies continued capital raising despite losses.
• Dilution Risk: Share count increased from ~27.6M (Q1 2025) to ~49.1M (FY2025), reflecting significant dilution from financings. The pending $1.2M placement will further increase this count if fully subscribed.
• Verdict: Routine - Neutral. The financials are consistent with historical burn rates and do not introduce new negative surprises, but they reinforce the necessity of the upcoming financing close to avoid liquidity distress.

• Company: Bulgold Inc. is an early-stage gold explorer focused on Central and Eastern Europe.
• Flagship Project: Lutila Gold Project in Slovakia (32.2 km² licence, valid until March 21, 2027). Targeting quartz-adularia, low-sulfidation epithermal gold mineralisation.
• Other Projects: Kostilkovo and Kutel Gold Projects in Bulgaria. The Chukata license is currently "frozen" pending permissions; the Kutel license was valid until December 21, 2025 (extension status unclear from data).
• Recent Discovery: Kopernica Vein System within Lutila North East Block, showing surface grades up to 2.88 g/t Au and 15.8 g/t Ag.